Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

High Yield Experts

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

Credit

We view Lippo Karawaci (LPKR) as “High Risk” on the LARA scale. Our view reflects risks associated with the: [1] increasingly weak corporate governance, with a delay in the release of financial results; [2] prospective lower holding-company property sales; and [3] weak liquidity profile. The holding company is reliant on dividends from subsidiaries and asset sales to support liquidity, and faces substantial short-term debt maturities.  Our view also reflects strengths associated with: [1] the group's position as one of the largest property developers in Indonesia; [2] a significant low-cost land bank of over 1,300 ha; [3] a large and diversified property investment portfolio; and [4] investments in two Singapore-listed REITs. Our fundamental Credit Bias on LPKR is “Negative”, given the deterioration in the financial profile, especially with respect to liquidity. We view LPKR as “Weak” on the LAGA scale, as it has delayed the filing of financial results a few times since 2017.

   We view Lippo Karawaci (LPKR) as “High Risk” on the LARA scale. Our view reflects risks associated with the: [1] increasingly weak corporate governance, with a delay in the release of financial results; [2] prospective lower holding-company property sales; and [3] weak liquidity profile. The holding company is reliant on dividends from subsidiaries and asset sales to support liquidity, and faces substantial short-term debt maturities.     Our view also reflects strengths associated with: [1] the group's position as one of the largest property developers in Indonesia; [2] a significant low-cost land bank of over 1,300 ha; [3] a large and diversified property investment portfolio; and [4] investments in two Singapore-listed REITs.    Our fundamental Credit Bias on LPKR is “Negative”, given the deterioration in the financial profile, especially with respect to liquidity.    We view LPKR as “Weak” on the LAGA scale, as it has delayed the filing of financial results a few times since 2017. 

Lippo Karawaci - Tear Sheet - Lucror Analytics